Amart founder sells showroom turned AEC office
EXCLUSIVE
Amart founder, billionaire, John Van Lieshout, has sold an outer northern Brisbane showroom turned temporary office, leased until December to the Australian Electoral Commission.
The 1.44 hectare Lawnton property, 768-772 Gympie Road, collected $13.5 million from Banjo Bond’s Cosgrove Group.
Upon taking possession – also at the end of the year – a renovation is planned.
The deal comes five months since we reported Mr Van Lieshout and his wife, Linda, sold a Sunshine Coast hinterland estate for c$12.2m – more than twice the region’s previous record price.
Last November meanwhile, via JVL Investment Goup, which also held Lawnton, the executive outlaid $10.3m for an Ipswich mall and three adjoining residential properties – all up covering 1.4ha.
Amart occupied most of 768-772 Gympie Rd until late 2021 when the 5682 square metre building with 164 car parks was leased to the AEC.
Based on the net annual rent – $1.86m – the disposal reflects a 13.8 per cent yield.
Cosgrove backs showrooms again
Zoned Local Centre, allowing a variety of commercial product, and highly exposed to Todd Rd, the Lawnton asset was marketed for its development upside.
“With a proven and long-standing track record as a retail showroom location, this is the first time the high-profile site has been bought to market,” Cushman & Wakefield’s Morgan Ruig, who represented JVL Investment Group with Mitch Taulelei and Myles Fredericksen, said.
“Situated on a prominent corner next to Dulux and Wheelhouse Coffee, it is in immediate proximity to other national retailers such as Bunnings, BCF, Rebel Sport, Autobarn and Petbarn,” he added.
Cosgrove is paying a rate of $2375 per sqm of building and $938 per sqm of land.
The asset manager and investor, which holds a diversified real estate portfolio, last November outlaid $56.5m for HomeCo Warners Bay near Newcastle. HMC Capital was that seller. Just over a year ago meanwhile it acquired properties on Perth’s Street Murray Street Mall to expand an existing footprint – paying a 30pc discount on guide when it was listed in 2023.
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